World News

Guoxuan says in talks with Volkswagen, hasn’t reached binding agreement

SHANGHAI (Reuters) – Guoxuan High-Tech Co Ltd <002074.SZ> is in talks with Volkswagen AG <VOWG_p.DE> for potential strategic cooperation in technology, product, and capital, the Chinese battery maker wrote in a company filing on Monday.

Guoxuan added it has not reached a legally binding agreement with the German automaker regarding the terms and conditions of its cooperation.

On Friday, Reuters reported that Volkswagen was preparing to purchase a 20% stake in Guoxuan.

(Reporting by Josh Horwitz)